07 April 2011 12:18 [Source: ICIS news]
LONDON (ICIS)--Indian fertilizer manufacturer Fertilizer and Chemicals Travancore Ltd (FACT) has scrapped its 28 March ammonia tender as it deemed prices too high, trader sources said on Thursday.
FACT tendered for 7,500 tonnes of ammonia for 25-30 April shipment to Cochin.
The lowest offer was submitted by Kuwait’s Petrochemical Industries Co (PIC) at $538/tonne (€377/tonne) CFR (cost and freight).
Qatar Fertilizer Co (QAFCO) offered at $547/tonne CFR and Saudi Basic Industries Corp (SABIC) at $548/tonne CFR.
Offers remained valid until 5 April, but then the tender was scrapped with FACT citing too-high prices.
Latest contract business in India has been agreed in the $503-510/tonne CFR range, traders said.
However, the tender came at a time of tight supply in the Middle East and as such offers were above contract levels.
FACT last tendered for ammonia in November 2010, but this was scrapped due to reported problems with downstream production.
($1 = €0.70)
For more on ammonia visit ICIS pricing fertilizers
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